As a seasoned researcher who has been closely observing the crypto market for years now, I find it fascinating to see how players like Cumberland operate within this volatile yet dynamic ecosystem. The recent move of transferring over a billion dollars worth of Tether stablecoins to centralized exchanges certainly piqued my interest.
It’s possible that market maker Cumberland could have taken advantage of the price drop, as information indicates the company transferred large amounts of Tether stablecoins to centralized exchanges.
Starting from August 6th, approximately $1 billion worth of Tether (USDT) has been transferred by Cumberland to cryptocurrency exchange platforms such as Binance, Coinbase, and Kraken, as indicated by LookOnChain statistics.
1. Market makers ensure fluidity in financial markets by offering a buy or sell option for assets, and at times, they implement a strategy to accumulate assets as a means of safeguarding their earnings or income. The surge in CEX deposits by Cumberland began following the global market downturn on August 5, when Bitcoin‘s value fell below $50,000, and the overall cryptocurrency market dropped to a valuation of $1.8 trillion.
As an analyst, I’ve noticed a positive trend in the crypto market since my last analysis. Specifically, Bitcoin (BTC) has soared past the $61,000 mark as we speak, indicating a recovery from previous losses. This upward trajectory is further supported by a 12% surge in the total crypto market over the past week, according to TradingView.
Concurrently, Tether, a stablecoin issuer, persisted with its production spree. They generated an additional $1 billion in new USDT tokens on Ethereum (ETH), raising their total output for the year to more than $32 billion.
The stablecoin complex has surpassed $160 billion in market cap, but firms pay pennies to issue new tokens into circulation. Arkham confirmed that Tether paid less than $1 in on-chain fees for its latest Ethereum inventory restock.
TETHER MINTS $1 BILLION USDTGuess how much they paid?… 53 cents. — Arkham (@ArkhamIntel) August 13, 2024
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2024-08-13 20:16